Bail-in rules the 'bedrock' of European banking union, says BoE's Cunliffe

Deputy governor calls on EU Parliament to greenlight SRM

Sir John Cunliffe

The European Parliament must give its final approval to the single resolution mechanism (SRM) so that "the new bail-in rules form the bedrock" of future banking union, Jon Cunliffe, deputy governor in charge of financial stability at the Bank of England, said today in London.

Cunliffe added, however, that even with new bail-in rules, further steps are needed to ensure major international banks can be safely resolved. "I do not think we can say with confidence now that we could resolve a failing

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